Market Overview:
Bacon is a type of processed meat prepared from pork belly or pork sides. It is soft and fatty and is used as an ingredient in many dishes. Bacon is rich in protein and offers key vitamins and minerals. However, it is also high in calories, fat, and cholesterol. With growing health consciousness, consumers are increasingly opting for low-fat and low-sodium bacon varieties. Organic and gluten-free bacon options are also gaining traction in the market. The widespread distribution network and deep market penetration of major companies have ensured bacon’s availability across supermarkets, convenience stores, and online retail channels globally.
Market key trends:
One of the key trends observed in the bacon market is the launch of various plant-based and vegan bacon alternatives. Startups like Turtle Island Foods, Upton’s Naturals, Morningstar Farms, and Nasoya Foods offer vegan bacon strips made from soy, wheat, or pea protein. They aim to cater to the rising population of flexitarians and vegans. Another notable trend is the increasing demand for nitrate-free and uncured bacon varieties. Companies are removing sodium nitrite and potassium nitrate from the curing process and instead relying on natural preservatives and flavors to widen their consumer base. Geographic expansion into emerging markets and strategic acquisitions are some other noteworthy developments shaping competition in the global bacon market.
The global Bacon Market Size is estimated to be valued at US$ 24937.01 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the bacon market is low due to high capital requirements and the strong brand recognition of existing players.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of suitable substitutes. Buyers can shift to alternative meat products if prices increase significantly.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as meat production requires specific livestock and equipment. However, diversity in supplier base provides options to buyers.
Threat of new substitutes: The threat of substitutes is high as alternative meat varieties like ham, sausage offer similar product applications. Plant-based meat analogs also pose a threat.
Competitive rivalry: The bacon market is highly competitive with major players focusing on expanding their product portfolios through continuous innovation.
Key Takeaways
The global bacon market is expected to witness high growth, exhibiting CAGR of 3.1% over the forecast period, due to increasing preference for protein-rich food and convenience snacking products.
Regional analysis: North America dominates the global bacon market accounting for over 35% of revenue share in 2023 owing to huge demand in the US. Europe is also a major regional market supported by high per capita bacon consumption in countries like Germany and UK. Asia Pacific is expected to be the fastest growing region led by countries like China and India where the rising beef costs makes bacon the preferred alternative meat.
Key players operating in the bacon market are Hormel Foods Corporation, Tyson Foods Inc., The Kraft Heinz Company, WH Group Limited, JBS SA, Fresh Mark Inc., Seaboard Corporation, Maple Leaf Foods, Hill Meat Company, Peer Foods Group Inc., Kunzler & Company Inc., and Jones Dairy Farm. Hormel Foods Corporation is the global leader with its popular APPLEGATE and JENNIE-O brands. WH Group’s Smithfield Foods brand also enjoys a leading position in the US and other markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
